The Use Of Binlist To Stop Credit Card Fraud

In this advancing world of technology, where people are gaining many benefits from science

, there are also a number of ways in which people are using science and technology in a negative way. Yes, this is correct. One example for people using it in negative way is the hackers and online scammers. This is a part of fraud and fraud is prevailing these days, and if no measures are taken it will spread to each and every place, and each and every person will be a victim of fraud. As a measure to stop it, binlist is created to prevent fraud in terms of using stolen credit card, with the card owner having to pay, or the retailer having to pay. So what actually is a binlist. Binlist means list of bank identification numbers that helps to detect which credit card is valid and which is not.

The High Need of Binlist

It is very common that a credit card gets stolen, and the thief gets to know the code, and uses the credit card for a number of transactions. Since the thief makes all the transactions using the credit card of the card owner, the card owner has to pay a heavy sum. When transactions are made with the stolen card, the retailer has to suffer as well, since he has to pay a heavy sum to the bank and does not receive the money of the goods either. So, this fraud leaves people suffering a great deal. That is where the need of a binlist is known. Once the retailer will have the binlist, the binlist would have the valid cards and the invalid cards marked. when a credit card would be stolen, it would be marked at invalid in the binlist, and so no transaction could be made on that card. This way, retailers could be saved from the great loss, and the thieves would be caught.

How to Get the Binlist

If you are running a company and want to save yourself from the fraud, you need to get a binlist database installed in your system. This will require the help of web programmer. If you have a binlist database in your company that would be good, and if you don't you could find a good binlist database provider, to get it done in your system, so that with the help of binlist, you could differentiate the valid ones from the invalid ones.

Binlist has become very important these days, since fraud is increasing and more and more thieves ate concentrating on stealing directly the credit cards to make large transactions. Once the card is stolen and the person reports it, it would be marked as invalid in the binlist and the thief will not be able to make any transaction on it. This is a very safe way for retailers as well as the card owners, since it helps preventing them from suffering from a huge loss by paying for something they didn't buy.

by: Gen Wright

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